PS: Another statement from the International Monetary Fund just arrived:

“Following on the Managing Director’s participation in the discussions on Greece held in Brussels over the weekend, she briefed the IMF’s Executive Board on the outcome as reflected in the Eurozone Leaders’ statement published earlier today.

The IMF stands ready to work with the Greek authorities and the European partners to help move this important effort forward.”

Alexis Tsipras was on course on Monday night to sway radical-leftist Syriza MPs to accept the most draconian rescue of a sovereign nation since the second world war after the Greek prime minister accepted a third bailout programme that one analyst said came after a weekend of “gunboat diplomacy”.

Tsipras, locked in fraught negotiations with EU leaders in Brussels until Monday morning, indicated that he would carry the Athens parliament, despite some defections, in a vote on the package by Wednesday.

Determined to keep his party together ahead of an expected onslaught by MPs opposing the outlined deal, Tsipras summoned his closest allies to a meeting in Athens before a gathering of his parliamentary party on Tuesday.

Likening the deal to the 1919 Versailles treaty – widely seen as the harbinger of the second world war for its crushing of Weimar Germany – the former Greek finance minister Yanis Varoufakis called it both “catastrophic” and “untenable”.

“This has nothing to do with economics. It has nothing to do with putting Greeceback on the rails towards recovery,” he told Australia’s public broadcaster, the ABC.

“This is a new Versailles treaty that is haunting Europe again, and the prime minister [Alexis Tsipras] knows it. He knows he’s damned if he does and he’s damned if he doesn’t.”....

Greece misses another IMF repayment

Some late breaking news. Greece has missed another payment to the International Monetary Fund today, worth around €450m.

That’s on top of the €1.6bn payment missed on 30 June, putting the Greek government deeper into arrears. Not a great way to mark today’s bailout deal -- but a reminder of Greece’s financial plight.

Spokesman Gerry Rice says:

“The SDR 360 million principal repayment (about €456 million) due by Greece to the IMF today was not received. We have informed our Executive Board of this development. Greece’s arrears to the IMF total SDR 1.6 billion (about €2.0bn) to date.

“The request by the Greek authorities for an extension of the repayment obligation due on June 30th is expected to be discussed by the Executive Board in the coming weeks.”

It is the eurozone’s inability to contain the democratic wishes of 19 electorates. When the Finnish government threatened to collapse the talks, it was only expressing the wishes of the 38% of voters who backed the nationalist rightwingers of Finns Party. Likewise, when Schäuble sprang his temporary Grexit plan, he was expressing the demand of 52% of German voters, who want Greece to leave.

As for the Greeks, having tramped the streets of Athens alongside them for the best part of two months, I am certain that the “Oxi” movement was essentially a demand to stay in the Euro on different terms. You cannot get 70-80% of people in the working-class suburbs of Athens turning out – in the face of a rightwing media bombardment – on far-left anti-Euro sentiment alone.

They told clients tonight that the European Central Bank is unlikely to cut Greece much slack until the third bailout is agreed.

We suspect the ECB will stall an ELA decision until Greece begins to legislate the new deal later this week.

Greece would still face a tight ELA cap, however. We expect the ELA cap will remain carefully calibrated and controlled at least until the new ESM loan is fully in place. Access to banks could be fully normalised only in the fall.